Kate Hinds is an Associate Producer for WNYC News. She also reports for WNYC and Transportation Nation, a public radio reporting project that combines the work of multiple newsrooms to provide coverage of how we build, rebuild and get around the nation.
Equinox CEO on Citi Bike: I Can Confirm We're In Negotiations
Tuesday, July 29, 2014 - 11:44 AM
While it's been widely reported that REQX Ventures is in talks to acquire a majority stake in Citi Bike, it's been difficult to get anyone involved in the negotiations to talk on the record about it.
Speaking on CNBC Tuesday morning, Equinox CEO Harvey Spevak spoke about it for seemingly the first time. He added "we are making good progress."
“We formed something called REQX (Ventures) last year to pursue opportunities...and things we thought were interesting," he told CNBC by way of background. "REQX Ventures is owned by the principals of Related and myself. And so one of our first conversations has been Citi Bike, so I can confirm that we are in advanced negotiations, but there is no deal done at this time. And in terms of how Citi Bike interfaces with Equinox, or Soul Cycle, or any of our other brands, that’s to be determined. We’re not doing it necessarily for that purpose."
When asked why it was taking so long so sign on the dotted line, Spevak said "there’s a lot of moving parts. You have the seller (Alta), who’s involved, who is based in Portland; you have the City of New York; you have equipment suppliers. So there are a lot of different constituents who are involved in the process, but we’re making good progress."
Wiley Norvell, a spokesman for Mayor Bill de Blasio, said “we’re committed to making New York City’s bike share program more reliable and more accessible to neighborhoods across the city. Citi Bike has become part of our public transportation system and there is a lot riding on its success. We owe it to New Yorkers and to riders to get this right, and make sure we put the system on solid footing for the long-term.”